The Mortgage Loan Process: an Overview

There's little doubt that getting a mortgage loan is a complicated process. You wouldn't be here on our website if you could fill out a simple loan app and get an excellent loan check cut the same day. But Hill Valley Financial Services Inc. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

There are four main steps involved in getting a loan.

Step one: Decide how much you can afford

A couple of factors determine this amount. What kind of monthly payment are you looking for? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? You can get a good idea of your preferred payment abount using the calculators on our website. We'll also help you through different scenarios by asking a few simple questions. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.

Step two: complete a pre-qualification

This is where the process really begins and Hill Valley Financial Services Inc. can really save you money. You will give us information about your employment, assets, and residence history. You'll supply information on your employment, asset, and residence history. We run your credit score and report. After we've finished reviewing the provided information, we'll provide you with a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're deciding on the home that's right for you, we are researching the best loan for you.

Step three: apply for your loan

Once you have made an offer and the sellers have accepted, you should apply for the loan. Applying for your loan couldn't get much easier; you can apply from the comfort of your home right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order a professional appraisal on the home.

Step four: your loan is funded

The agents will find a title company to handle the "funding" of the loan and closing. We'll coordinate with this company to ensure the papers your lender will need are in order, and you'll probably}likely sign all these papers at their officeWe do all the work to coordinate with this company on your closing date. Because you will not have to worry about these details, you can concentrate on moving, paint colors, carpet, and the details involved in moving into your new home.

You've answered some few questions, given us lots of information, applied , and the next thing you know, you are moving in! Hill Valley Financial Services Inc. is in the business of loans; you're not — so we take care of the details. Doesn't that sound nice?

Have questions about the loan process? Call Hill Valley Financial Services Inc. at 503-657-3311. We answer questions about the loan process every day.